# In the matter of Tenny Jose Limited IA(IBC)-205-KOB-2022 in CP(IB)-25-KOB-2021

> NCLT judgment dated 2023-01-25. Citation: TCN-2023-NCLT-04875. The case involves an application filed under Section 45 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 25 Jan 2023
- **Citation:** TCN-2023-NCLT-04875
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tenny-jose-limited-iaibc-205-kob-2022-in-cpib-25-kob-2021-1c16b31f

## Summary

### Background

The case involves an application filed under Section 45 of the Insolvency and Bankruptcy Code (IBC) 2016, concerning undervalued transactions by Tenny Jose Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Tenny Jose Limited following a petition filed under Section 9 of the IBC by Korea Trade Insurance Corporation. The Resolution Professional (RP) appointed a forensic auditor who identified undervalued transactions, specifically the sale of two cars at prices significantly below their market value. The RP then filed an application seeking the return of the amount lost due to these transactions.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Tenny Jose Limited based on a petition filed by Korea Trade Insurance Corporation under Section 9 of the IBC. Mr. Krishna Raj was initially appointed as the interim resolution professional, followed by the appointment of the applicant as the resolution professional on March 14, 2022. The resolution professional appointed M/s. Jackson Abraham Thekkekara, a Chartered Accountant, as a forensic auditor on April 2, 2022. The forensic auditor submitted a report on June 4, 2022, which was then served to the former directors of the corporate debtor. The audit report indicated that the respondents deliberately acted to defraud the creditors of the corporate debtor through undervalued transactions.

…

## Issues and analysis

### Issue 1: Whether the application …

**Ratio:** Regulation 35A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution

…

**Reasoning:** The court reasons that the expression 'shall' in Regulation 35A is not mandatory and that

…

**Interpretation:** The interpretation is that the timelines specified in Regulation 35A are not

…

**Application:** In this specific case, the court condones the delay, considering that the

…

## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Prathap P…
- **Respondents:** Tenny Jose…; Tenny…

## Timeline

- **2021-12-21 — CIRP Ord…**: Corporate debtor was…
- **2022-04-02 — Forensic Auditor…**: Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 45 — Avoidance of undervalued transactions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-45)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tenny-jose-limited-iaibc-205-kob-2022-in-cpib-25-kob-2021-1c16b31f